Tokyo Century and Seibu Real Estate will acquire beneficial interests in trusts for The Prince Gallery Tokyo Kioicho and Akasaka Prince Classic House.
The acquisition will be made through SML I, a special purpose company funded 67% by Seibu Real Estate and 33% by Tokyo Century. Total investment amounts to ¥27.1 billion. The special purpose company was established by Seibu Real Estate Investment Advisors, which will independently handle asset management. The acquisition price has not been disclosed.
The seller is Sakura Holdings TMK, a special purpose company funded by a fund managed by a Blackstone affiliate, with the affiliate serving as investment advisor. In February 2025, Seibu Holdings sold Tokyo Garden Terrace Kioicho, which houses both properties, to Sakura Holdings TMK for approximately ¥400 billion.
Seibu Prince Hotels Worldwide has been contracted to operate both properties, and their performance has reportedly grown through collaboration with Blackstone. Akasaka Prince Classic House will be converted to direct management, with operations set to begin in October. The company also expects to capture banquet demand and strengthen operations at Bar Napoléon. Seibu Real Estate Investment Advisors plans to incorporate the properties into a private REIT scheduled to be established during fiscal 2027, and considers them potential flagship assets.
In its medium-term management plan, Tokyo Century has positioned the hotel sector as a priority asset category. It has independently acquired ANA InterContinental Beppu Resort & Spa and Hotel Indigo Karuizawa, and jointly acquired Dorchester Collection, Hotel Indigo Changi Airport, and Crowne Plaza Changi Airport.
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This article was generated using automatic translation by GPT-4 API. The translation may not be accurate.
